Ciner Weighs Sale of Stake in $5 Billion Soda Ash Unit
(Bloomberg) -- Ciner Group is weighing the sale of a stake in We Soda Ltd., one of the largest producers of a natural resource used in everything from bathtubs to baked goods, according to people familiar with the matter.
The Turkish conglomerate is working with Goldman Sachs Group Inc. as it explores options for its soda ash business, the people said, who asked not to be identified discussing confidential information. We Soda could be valued at about $5 billion in any deal, the people said.
Deliberations are ongoing, and Ciner could still decide against the sale of a stake in the business, according to the people. Representatives for Ciner and Goldman Sachs declined to comment.
Derived from the mineral trona, soda ash is used in a wide range of everyday goods, including detergents and pharmaceuticals. We Soda produces more than 7 million tonnes of soda ash and sodium bicarbonate every year from two facilities near Ankara, Turkey, and another in the U.S. state of Wyoming, according to its website. The company is led by Chief Executive Officer Alasdair Warren, the former Deutsche Bank AG and Goldman Sachs investment banker.
The sale of a stake in the business would add to the $126 billion of transactions already announced in the basic materials sector this year, according to data compiled by Bloomberg. That’s up about a fifth on the same period in 2020, the data show.
Ciner Group is controlled by the industrialist Turgay Ciner and also has a presence in the energy, shipping and media industries. It operates the BloombergHT television channel in Turkey under a deal with Bloomberg LP, the parent of Bloomberg News.
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